You want a stake in AIB? Really?

I imagine that was the response of the government to that offer from a Canadian bank mentioned on the front page of the Irish Times today. Below however is the key paragraph for us all to recall.

Canada is the only state in the Group of Seven largest industrialised countries not to support its banks with guarantees, recapitalisations or the purchases of toxic assets. Among other factors, this has been attributed to stronger regulation, strict capital requirements, fiscal conservatism and the absence of tax-deductible mortgages.

Only the largest of Canada’s institutions, Royal Bank of Canada (RBC), has incurred a quarterly loss this year, its first since 1993. The other main Canadian lenders are Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, and Canadian Imperial Bank of Commerce.

Update: Karl Whelan posts his take on the possible bid – I agree it is a potential loss to the taxpayer rather than a boon for NAMA.